Vietnam's leading conglomerate Vingroup sues 68 entities, individuals for false information

Vingroup JSC (HoSE: VIC) on Monday reported to authorities, notified foreign embassies, and filed civil lawsuits against 68 organizations and individuals at home and abroad for spreading false information about the corporation online.

In an announcement posted on its website, the group stated that its legal action targets distortions and fabrications aimed at misleading the public, not only to safeguard its lawful interests but also to protect social stability and the rule of law.

The 68 entities and individuals are account holders of websites and social media pages accused of spreading false information about Vingroup, its chairman Pham Nhat Vuong, and other senior executives on platforms like TikTok, Facebook, and YouTube.

The false information largely centered on four areas: Vingroup’s financial position, the quality and origin of its products, legal issues related to its offerings, and personal information about executives, the group said.

Specifically, the social network accounts alleged that the group was on the brink of bankruptcy with debt of VND800 trillion ($30.29 billion).

Vingroup noted that its consolidated financial statements, published on its website, show total borrowings of about VND283 trillion ($10.71 billion), with a debt-to-equity ratio of 1.8 times - a level the company said is considered safe by both international and Vietnamese standards.

The remaining liabilities mostly comprise advance payments from customers and partners, as well as routine payables and receivables typical for large corporations, it argued.

The posts also alleged that VinFast’s electric cars and motorbikes were Chinese products disguised as Vietnamese-made. VinFast said it controls the production chain from research and design to manufacturing. Most processes are carried out in Vietnam, with a current localization rate of 60%, targeted to rise to 80% in the future.

The distortions and fabrications also targeted Vingroup’s leadership, particularly chairman Vuong, along with false reports that large numbers of employees had resigned from the group.

Other distortions involved legal issues related to Vingroup’s products, along with fabricated political and policy narratives suggesting links to the group in an effort to sway public opinion.

Under Vietnamese law, such "actions" violate provisions of the 2018 Cybersecurity Law, the 2015 Penal Cod,e and related civil rights protections, the group stated.

Internationally, the spread of false information infringing on the rights and interests of organizations and individuals is also strictly punished in many jurisdictions, it added.

“We live in a civilized society governed by the rule of law, and we cannot remain silent while some individuals spread distortions and fabrications that damage the reputation and dignity of organizations and individuals for unlawful motives,” said Vingroup vice chairman and CEO Nguyen Viet Quang.

“Our lawsuits and reports to authorities are not only to protect Vingroup’s interests but also to defend truth and a better life for all. I believe people of conscience in Vietnam and abroad will support this effort.”

Vingroup said it has gathered sufficient information and obtained bailiff-certified records of the violations by the 68 organizations and individuals as evidence, and is pursuing civil lawsuits or reporting the cases to authorities in line with Vietnamese law.

The corporation is also working with domestic and international lawyers to file lawsuits in line with the laws of relevant countries. The company has notified foreign embassies in Vietnam and Vietnamese embassies abroad in jurisdictions where the social network account holders reside, seeking to protect its legitimate interests.

Vingroup reported a consolidated net profit of VND4.51 trillion ($170.77 million) in H1/2025, up 120% year-on-year, driven by strong performance in real estate and electric vehicle segments.

Consolidated net revenue surged to VND130.37 trillion ($4.94 billion) in the six-month period, more than doubling from the same period last year, according to its Q2 financial statement.

As of June 30, Vingroup’s total assets reached VND964.44 trillion ($36.52 billion), a 15% increase compared to the end of 2024.

Chairman Vuong recently stated that Vingroup plans to explore two new business pillars: infrastructure and energy, in addition to its existing three major sectors - real estate, technology & industry, and social philanthropy.